Annual report pursuant to Section 13 and 15(d)

SEGMENT REPORTING - Segment Reporting (Details)

v3.6.0.2
SEGMENT REPORTING - Segment Reporting (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 29, 2016
Aug. 31, 2015
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]                          
Golf course operations                     $ 226,255 $ 224,419 $ 222,983
Sales of food and beverages                     72,625 71,437 68,554
Total revenues     $ 69,076 $ 83,162 $ 84,484 $ 62,158 $ 69,363 $ 82,864 $ 82,803 $ 60,826 298,880 295,856 291,537
Operating expenses                     254,353 254,553 263,338
Cost of sales - food and beverages                     21,593 22,549 21,037
General and administrative expense                     9,488 10,914 10,372
General and administrative expense - acquisition and transaction expenses (D)                     4,354 1,123 5,479
Management fee to affiliate                     10,704 10,692 21,039
Depreciation and amortization                     26,496 28,634 26,967
Impairment (reversal)                     10,381 11,896 (2,419)
Realized/unrealized (gain) loss on investments                     685 (22,264) (69,593)
Total operating costs     87,192 82,382 89,706 78,774 81,899 97,539 66,020 72,639 338,054 318,097 276,220
Operating income (loss)     (18,116) 780 (5,222) (16,616) (12,536) (14,675) 16,783 (11,813) (39,174) (22,241) 15,317
Interest and investment income                     91,291 95,891 127,627
Interest expense                     (52,868) (62,129) (80,022)
Gain (loss) on extinguishment of debt   $ 15,400                 (780) 15,306 (3,410)
Gain on deconsolidation                     82,130 0 0
Other income (loss), net                     (3,074) (5,574) 8,279
Total other income (expenses) $ 100   (1,451) 19,677 8,518 89,955 7,711 23,832 1,085 10,866 116,699 43,494 52,474
Income tax expense (benefit)     45 (38) 138 44 (985) 1,257 27 46 189 345 208
Income from continuing operations     (19,612) 20,495 3,158 73,295 (3,840) 7,900 17,841 (993) 77,336 20,908 67,583
Income (loss) from discontinued operations, net of tax - Note 3     0 0 0 0 0 7 524 115 0 646 (35,189)
Net Income                     77,336 21,554 32,394
Preferred dividends     (1,395) (1,395) (1,395) (1,395) (1,395) (1,395) (1,395) (1,395) (5,580) (5,580) (5,580)
Net loss (income) attributable to noncontrolling interest     (92) (177) (112) 124 76 (13) 49 181 (257) 293 852
Income Applicable To Common Stockholders     (21,099) $ 18,923 $ 1,651 $ 72,024 (5,159) $ 6,499 $ 17,019 $ (2,092) 71,499 16,267 27,666
Income (loss) applicable to common stockholders                     0    
Investments     986,845       1,017,975       986,845 1,017,975  
Cash and restricted cash     146,544       50,120       146,544 50,120  
Other assets     38,569       399,887       38,569 399,887  
Total Assets     1,171,958       1,467,982       1,171,958 1,467,982  
Debt, net     767,465       970,842       767,465 970,842  
Other liabilities     186,426       287,018       186,426 287,018  
Total Liabilities     953,891       1,257,860       953,891 1,257,860  
Preferred stock     61,583       61,583       61,583 61,583  
Noncontrolling interest     0       (257)       0 (257)  
Equity (deficit) attributable to common stockholders     156,484       148,796       156,484 148,796  
Additions to investments in real estate                     12,571 7,637 315,454
Debt Investments                          
Segment Reporting Information [Line Items]                          
Investments     704,122       715,596       704,122 715,596  
Operating segments | Traditional Golf                          
Segment Reporting Information [Line Items]                          
Golf course operations                     226,255 224,419 222,983
Sales of food and beverages                     72,625 71,437 68,554
Total revenues                     298,880 295,856 291,537
Operating expenses                     254,353 254,553 263,338
Cost of sales - food and beverages                     21,593 22,549 21,037
General and administrative expense                     2,708 2,983 1,435
General and administrative expense - acquisition and transaction expenses (D)                     1,594 1,364 1,941
Management fee to affiliate                     0 0 0
Depreciation and amortization                     26,496 28,682 26,880
Impairment (reversal)                     6,232 0 0
Realized/unrealized (gain) loss on investments                     (294) 9 0
Total operating costs                     312,682 310,140 314,631
Operating income (loss)                     (13,802) (14,284) (23,094)
Interest and investment income                     134 152 147
Interest expense                     (12,470) (16,520) (19,783)
Gain (loss) on extinguishment of debt                     (780) 14,818 0
Gain on deconsolidation                     0    
Other income (loss), net                     (2,379) (1,629) 5,863
Total other income (expenses)                     (15,495) (174) (8,039)
Income tax expense (benefit)                     188 345 208
Income from continuing operations                     (29,485) (14,803) (31,341)
Net Income                     (29,485) (14,803) (31,341)
Preferred dividends                     0 0 0
Net loss (income) attributable to noncontrolling interest                     (257) 293 329
Income Applicable To Common Stockholders                     (29,742) (14,510) (31,012)
Investments     282,064       302,379       282,064 302,379  
Cash and restricted cash     24,484       19,981       24,484 19,981  
Other assets     34,487       33,765       34,487 33,765  
Total Assets     341,035       356,125       341,035 356,125  
Debt, net     115,284       81,091       115,284 81,091  
Other liabilities     170,718       166,973       170,718 166,973  
Total Liabilities     286,002       248,064       286,002 248,064  
Preferred stock     0       0       0 0  
Noncontrolling interest     0       (257)       0 (257)  
Equity (deficit) attributable to common stockholders     55,033       108,318       55,033 108,318  
Additions to investments in real estate                     11,912 7,637 7,925
Operating segments | Entertainment Golf                          
Segment Reporting Information [Line Items]                          
Golf course operations                     0 0 0
Sales of food and beverages                     0 0 0
Total revenues                     0 0 0
Operating expenses                     0 0 0
Cost of sales - food and beverages                     0 0 0
General and administrative expense                     12 0 0
General and administrative expense - acquisition and transaction expenses (D)                     1,555 0 0
Management fee to affiliate                     0 0 0
Depreciation and amortization                     0 0 0
Impairment (reversal)                     0 0 0
Realized/unrealized (gain) loss on investments                     0 0 0
Total operating costs                     1,567 0 0
Operating income (loss)                     (1,567) 0 0
Interest and investment income                     0 0 0
Interest expense                     0 0 0
Gain (loss) on extinguishment of debt                     0 0 0
Gain on deconsolidation                     0    
Other income (loss), net                     0 0 0
Total other income (expenses)                     0 0 0
Income tax expense (benefit)                     1 0 0
Income from continuing operations                     (1,568) 0 0
Net Income                     (1,568) 0 0
Preferred dividends                     0 0 0
Net loss (income) attributable to noncontrolling interest                     0 0 0
Income Applicable To Common Stockholders                     (1,568) 0 0
Investments     659       0       659 0  
Cash and restricted cash     0       0       0 0  
Other assets     766       0       766 0  
Total Assets     1,425       0       1,425 0  
Debt, net     0       0       0 0  
Other liabilities     1,116       0       1,116 0  
Total Liabilities     1,116       0       1,116 0  
Preferred stock     0       0       0 0  
Noncontrolling interest     0       0       0 0  
Equity (deficit) attributable to common stockholders     309       0       309 0  
Additions to investments in real estate                     659 0 0
Operating segments | Debt Investments                          
Segment Reporting Information [Line Items]                          
Golf course operations                     0 0 0
Sales of food and beverages                     0 0 0
Total revenues                     0 0 0
Operating expenses                     0 0 0
Cost of sales - food and beverages                     0 0 0
General and administrative expense                     93 291 1,215
General and administrative expense - acquisition and transaction expenses (D)                     0 60 2,919
Management fee to affiliate                     0 0 0
Depreciation and amortization                     0 0 0
Impairment (reversal)                     4,149 11,896 (2,419)
Realized/unrealized (gain) loss on investments                     979 (22,273) (69,593)
Total operating costs                     5,221 (10,026) (67,878)
Operating income (loss)                     (5,221) 10,026 67,878
Interest and investment income                     91,107 98,721 135,031
Interest expense                     (38,112) (44,831) (64,016)
Gain (loss) on extinguishment of debt                     0 488 (3,410)
Gain on deconsolidation                     82,130    
Other income (loss), net                     (695) (3,999) 2,416
Total other income (expenses)                     134,430 47,374 64,287
Income tax expense (benefit)                     0 0 0
Income from continuing operations                     129,209 57,400 132,165
Net Income                     129,209 57,400 132,165
Preferred dividends                     0 0 0
Net loss (income) attributable to noncontrolling interest                     0 0 0
Income Applicable To Common Stockholders                     129,209 57,400 132,165
Investments     704,122       715,596       704,122 715,596  
Cash and restricted cash     192       1,210       192 1,210  
Other assets     3,219       365,713       3,219 365,713  
Total Assets     707,533       1,082,519       707,533 1,082,519  
Debt, net     600,964       838,526       600,964 838,526  
Other liabilities     2,293       107,154       2,293 107,154  
Total Liabilities     603,257       945,680       603,257 945,680  
Preferred stock     0       0       0 0  
Noncontrolling interest     0       0       0 0  
Equity (deficit) attributable to common stockholders     104,276       136,839       104,276 136,839  
Additions to investments in real estate                     0 0 0
Operating segments | Corporate                          
Segment Reporting Information [Line Items]                          
Golf course operations                     0 0 0
Sales of food and beverages                     0 0 0
Total revenues                     0 0 0
Operating expenses                     0 0 0
Cost of sales - food and beverages                     0 0 0
General and administrative expense                     6,675 7,640 7,722
General and administrative expense - acquisition and transaction expenses (D)                     1,205 (301) 619
Management fee to affiliate                     10,704 10,692 21,039
Depreciation and amortization                     0 (48) 87
Impairment (reversal)                     0 0 0
Realized/unrealized (gain) loss on investments                     0 0 0
Total operating costs                     18,584 17,983 29,467
Operating income (loss)                     (18,584) (17,983) (29,467)
Interest and investment income                     50 23 44
Interest expense                     (2,286) (3,783) (3,818)
Gain (loss) on extinguishment of debt                     0 0 0
Gain on deconsolidation                     0    
Other income (loss), net                     0 54 0
Total other income (expenses)                     (2,236) (3,706) (3,774)
Income tax expense (benefit)                     0 0 0
Income from continuing operations                     (20,820) (21,689) (33,241)
Net Income                     (20,820) (21,689) (33,241)
Preferred dividends                     (5,580) (5,580) (5,580)
Net loss (income) attributable to noncontrolling interest                     0 0 0
Income Applicable To Common Stockholders                     (26,400) (27,269) (38,821)
Investments     0       0       0 0  
Cash and restricted cash     121,868       28,929       121,868 28,929  
Other assets     97       409       97 409  
Total Assets     121,965       29,338       121,965 29,338  
Debt, net     51,217       51,225       51,217 51,225  
Other liabilities     12,299       12,891       12,299 12,891  
Total Liabilities     63,516       64,116       63,516 64,116  
Preferred stock     61,583       61,583       61,583 61,583  
Noncontrolling interest     0       0       0 0  
Equity (deficit) attributable to common stockholders     $ (3,134)       (96,361)       (3,134) (96,361)  
Additions to investments in real estate                     $ 0 0 0
Segment Reconciling Items                          
Segment Reporting Information [Line Items]                          
Income (loss) from discontinued operations, net of tax - Note 3                       646 (35,189)
Net loss attributable to noncontrolling interest                       0 523
Income (loss) applicable to common stockholders                       646 (34,666)
Additions to investments in real estate                         307,529
Eliminations                          
Segment Reporting Information [Line Items]                          
Golf course operations                       0 0
Sales of food and beverages                       0 0
Total revenues                       0 0
Operating expenses                       0 0
Cost of sales - food and beverages                       0 0
General and administrative expense                       0 0
General and administrative expense - acquisition and transaction expenses (D)                       0 0
Management fee to affiliate                       0 0
Depreciation and amortization                       0 0
Impairment (reversal)                       0 0
Realized/unrealized (gain) loss on investments                       0 0
Total operating costs                       0 0
Operating income (loss)                       0 0
Interest and investment income                       (3,005) (7,595)
Interest expense                       3,005 7,595
Gain (loss) on extinguishment of debt                       0 0
Other income (loss), net                       0 0
Total other income (expenses)                       0 0
Income tax expense (benefit)                       0 0
Income from continuing operations                       0 0
Net Income                       0 0
Preferred dividends                       0 0
Net loss (income) attributable to noncontrolling interest                       0 0
Income Applicable To Common Stockholders                       0 0
Investments             0         0  
Cash and restricted cash             0         0  
Other assets             0         0  
Total Assets             0         0  
Debt, net             0         0  
Other liabilities             0         0  
Total Liabilities             0         0  
Preferred stock             0         0  
Noncontrolling interest             0         0  
Equity (deficit) attributable to common stockholders             $ 0         0  
Additions to investments in real estate                       0 0
Eliminations | Traditional Golf                          
Segment Reporting Information [Line Items]                          
Other income (loss), net                       3,005 5,734
Eliminations | Entertainment Golf                          
Segment Reporting Information [Line Items]                          
Other income (loss), net                       0 0
Eliminations | Debt Investments                          
Segment Reporting Information [Line Items]                          
Other income (loss), net                       (3,005) (5,734)
Eliminations | Corporate                          
Segment Reporting Information [Line Items]                          
Other income (loss), net                       $ 0 $ 0